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But when energy prices collapsed, the state found it could not pay all its bills.
But within months prices collapsed and the people here suddenly felt abandoned.
The field had been shut since shortly after the price collapse of 1986.
When stock prices collapsed in October, interest rates came down, too.
But then oil prices collapsed, and the Saudi government ran out of money.
As prices collapsed, so did the value of the collateral.
At the root of all this is the sudden price collapse.
But releasing these onto the market would cause complete price collapse for everyone.
Of course, they can also plummet if oil prices collapse.
The Saudi position is that if prices collapse, the world should look elsewhere for support.
But when oil prices collapsed a few years ago, so did Alaska's real estate market.
But then prices collapsed and the world economy went into a tailspin.
In 1986, world oil prices collapsed, bringing down overall inflation.
Not everybody got caught in the price collapse, though.
Consumer inflation has not been lower than today's 1.8 percent rate since 1986, when oil prices collapsed.
And many analysts predict that prices may fall to a low not seen since the oil price collapse of 1986.
"People read about how prices collapsed on Thursday and that gave way to memories of 1987," he said.
Few people see these prices collapsing any time soon.
Annual growth slowed to about one percent and real estate prices collapsed.
The industry's frontier operations were particularly vulnerable to the oil price collapse.
But after the price collapsed, the owners had to watch their equipment sit idle.
It reached 18 percent in 1986, when prices collapsed.
"Prices collapsed in one consumer market after another, but the objective has been achieved."
If stock prices collapse, he argues, housing will be hurt, too.
Oil service stocks, which are more vulnerable to a price collapse, fared better.